From the middle of 2020 and almost until the end of 2022, Turkey holds the championship in terms of «the country with the highest growth in housing prices in the world». According to the local Land Registry, in 2022, the record for real estate sales was broken: the number of housing transactions exceeded 1.5 million for the first time. In the segment of non-residential real estate, including land, fields and commercial areas, sales also reached record levels.
Although TUIK has not yet officially released statistics for December, by the end of November, at least 29,000 more units were sold than in the whole of 2021: 1.521 million units. We will add the December data here – and this, as Anadolu Ajansi writes with reference to his own sources, is even more than 190 lots.
And with the increase in demand for housing, a record 188% annual increase was recorded by the end of October 2022.
The increase in the number of transactions with non-residential real estate in 2022 was about 25%; this is due to the fact that after the pandemic, many investors decided to secure their capital by investing in land, etc. So, the real estate market for 2022, despite the autumn «drawdown», revived. Well, Istanbul real estate at a price may soon be ahead of Miami.
Earlier we talked about the expectations of developers and other market players from the Turkish construction industry in 2023.